NAIRA STRENGTHENS SLIGHTLY TO N1,600/$ IN PARALLEL MARKET
The naira witnessed a modest appreciation in both the parallel and official foreign exchange markets on Monday, closing at N1,600 per dollar in the black market—up from N1,610 over the weekend.
According to data from the Central Bank of Nigeria (CBN), the local currency also inched forward in the Nigerian Foreign Exchange Market (NFEM), trading at N1,605 per dollar, compared to N1,606 recorded last Friday. This marks a marginal N1 gain.
The slight improvement widened the gap between the official and parallel market rates to N5 per dollar, compared to N4 over the weekend.
Analysts say the movements reflect ongoing volatility in Nigeria’s FX market, with investors closely watching for further policy signals from the apex bank.
